KUALA LUMPUR (Sept 22): Transportation and logistics group Maybulk Bhd (KL:MAYBULK) has proposed to buy a freehold industrial property in Bandar Bukit Raja, Klang for RM35.5 million cash.

The property comprises 8,346 sq m of land together with a single-storey industrial building, an annexed office and a warehouse block, the group said in an exchange filing on Tuesday.

Maybulk said the acquisition forms part of its push into the industrial property business to diversify revenue and reduce reliance on its core shipping and storage operations.

“This is intended to improve returns from the group’s surplus funds and to mitigate the risk of overdependence on its existing core business of shipping bulkers business, and storage and shelving solution business,” it added.

Maybulk said it is acquiring the property through its wholly owned unit MB Integrated Logistics Sdn Bhd from Cross Protection (M) Sdn Bhd, a manufacturer and trader of rubber and plastic products. The purchase is expected to be completed in the fourth quarter of 2026.

The purchase price, it said, was based on a market valuation of RM35.5 million by CBRE WTW Valuation & Advisory Sdn Bhd dated Sept 15.

Maybulk, which had agreed in March to dispose of a separate freehold land in Kapar, plans to redeploy part of the proceeds towards this purchase.

The property is expected to generate immediate rental income upon completion of the purchase, it said.

Shares of Maybulk closed half a sen or 1.3% lower at 37 sen on Tuesday, giving the group a market capitalisation of RM333 million. Year to date, the counter has risen by 5.71%.